Loan & DebtMay 5, 2026, 04:16 PM
Banzai International Reduces Debt by $1.3M via Equity Exchange
AI Summary
Banzai International entered into an Exchange Agreement and Forbearance Agreement with Agile Capital Funding and Agile Lending to restructure its debt. The company initially exchanged 232,786 shares of Class A common stock, valued at $284,000, to reduce its outstanding subordinated secured promissory note. In connection with this, Agile agreed to forbear from exercising remedies for certain default events, in exchange for a $628,057.50 forbearance fee, which increased the note's principal. Subsequently, Banzai issued an additional 1,466,501 shares across six agreements, further reducing the note balance to $819,432.50.
Key Highlights
- Banzai International exchanged 232,786 shares for a $284,000 reduction in its subordinated secured promissory note.
- The company entered a Forbearance Agreement, agreeing to a $628,057.50 forbearance fee, increasing the note principal.
- After the initial exchange and fee, the outstanding note balance was $1,839,432.50.
- Six subsequent exchanges issued 1,466,501 shares, reducing the note by an additional $1,020,000.
- The final outstanding note balance was reduced to $819,432.50.
- The 1,466,501 shares issued in subsequent exchanges represent approximately 7.4% of common stock outstanding.
- The Forbearance Period was from December 15, 2025, to March 30, 2026, or a Forbearance Default.